[roenxi]

They don't seem to advertise very much. And I'd expect most of the advertising revenue would be going to people cutting out the middle man by posting to Reddit directly. If they aren't making $ per page view, it is not crazy to think that being the most visited site in the world is unprofitable.

If anything, just by the logic of commodity economics, they should in theory be - at best - borderline profitable. They don't provide any obviously useful or difficult service apart from an easily recognisable domain name and they face global competition. No obvious moat, no obvious profits.